"Regifting is the act of taking a gift that has been received and giving it to somebody else, sometimes in the guise of a new gift. One example of a formalization of this activity are the white elephant gift exchanges, in which items can be regifted from year to year.
The term originated on an episode of Seinfeld ("The Label Maker").
Several rules of etiquette are proposed in popular media regarding regifting; they include rewrapping the gift, not using the gift before regifting it, and not giving the gift back to the original gift-giver . However, a consumer survey indicated that the majority of people regift because they perceive the gift will be appreciated by the receiver, they don't find regifting rude, and a significant number do so to save money." (http://en.wikipedia.org/wiki/Regifting)